TL;DR Breakdown
- Bahamas gets residents to sign-up for CBDC
- The edge sand dollar has over digital yuan
John Rolle, Governor of the Central Bank of the Bahamas, has said that the country has continued to push for a national digital currency (Bahamas CBDC) adoption this summer.
For now, the governor notes that the goal is to get more Bahamians signing up for the Sand Dollar in another move to make adoption of the currency easy.
According to Governor John Rolle at a quarterly press conference on Wednesday, the country’s apex bank aims to achieve this by connecting mobile Sand Dollar wallets with commercial banking systems.
Rolle said that the government has already initiated certain measures to get itself ready and the sand dollar.
“There is a focus now on enrolling individuals on those various platforms. So we are literally at the cusp of beginning that pushes for national adoption, and that is a focus that is going to gain attention and momentum as we move over the summer months,” Rolle stated.
The governor also revealed that some financial institutions in the country, including payment providers, have begun integrating their wallets with the Sand Dollar platform.
Bahamas remains one of the first jurisdictions to roll out a CBDC fully. They rolled out the digital version of their national currency in October 2020.
Slight edge Bahamas CBDC has over China CBDC
Although China leads countries developing a CBDC, the Bahamas CBDC is ranked to edge out the digital yuan as the top global state-backed digital currency in terms of retail applications.
However, The digital yuan has not launched fully yet as it still undergoes its testing phase across several provinces in the country. This leaves room for improvement of the currency after it gets fully launched in the country.
However, the CBDC frenzy has continued to spread as recently, Cryptopolitan reported that the United Kingdom rolled out an application to employ experts to research on the country’s CBDC.
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